We upgrade Favco, hold on Bonia & POS and downgrading Bernas / Lay Hong

Favco delivered a plendid performance on its back of orders. 10.38 cents may push its PE to as low as 3-4 times. Strong NTAB and its branding on cane. We will buy more Favco. POS and Bonia having slight increase in performance and the later with reduce profit. We recommend still a hold. Vice versa, we start not comfortable to Bernas as revenue slightly reduce. That may indicate not much room to growth for its business and profit is decreasing for some quarters. We may dispose and change to other company.  An increased revenue but again registered another quarter of loss for Lay Hong.  We will look for another quarter before we decide whether is cost increase or failure of management to control cost.